Marketing research is the process of validating the viability of your product or service.
The main function of a market study is to gather knowledge about prospects and existing members in an effort to learn how to best enhance their customer experience and build a better service. This allows you to grasp the latest trends, focus on the best market segment, and get a feel of your competition. In addition, it assists you in analyzing the perks and caveats of your solution while intuitively comprehending the value of it.
To ensure business success, your approach must consider the following:
Does your company’s new solution actually fill a gap in the market? You need to know if your endeavour is worthwhile based on the relevant market indicators. The business case analysis helps to determine the most profitable business model.
What alternative solutions are available? If your solution has a significant advantage now, do you know how it can maintain this? Competitive analysis is dedicated to monitoring and understanding the current and future steps of your competition. This business intelligence allows you to anticipate challenges and prepare a reactive positioning strategy to ensure you are at an advantage.
When you define clear targets and identify the audiences who will benefit the most, you establish a level of market segmentation that efficiently directs attention. This avoids the counterproductive action of wasting resources by investing in an audience that has no interest in what you are selling.
Considering the market needs, can you adjust your solution to make it more appealing to potential clients? Functional specification documents are used to describe the capabilities and appearance of an offering. These documents essentially showcase user interface, user input, and additional usability criteria that need to be kept in mind when developing your product or service. R&D (Research and Development) teams require this as a reference before beginning to work on your company’s solution.
Market research should be continuously conducted. Even a small conversation about your business with a client is a form of indirect market research. 85,000 Canadian businesses disappear every year due to high entry costs and varying levels of sectoral competition. These numbers provide a strong incentive to implement effective marketing research practices. Direct Objective knows how to navigate these rough waters, boost your market research, and guide you to increased business success.
Direct Objective has the experience to bring your brand new solution to the appropriate market and the right clients.
"Gil is a very dedicated person with excellent aptitudes to analyse facts and convert them to strategic actionables. It was a real pleasure to have him as a strategic marketing counselor!"Narjes Boufaden, Founder and CEO, Keatext